The company reported financial results for the period July-September, 2024.
Chile.- Enjoy presented the financial information for the third quarter of 2024, highlighting the crisis the company is undergoing, which is in the midst of a second judicial reorganization process that has already been approved by the creditors' meeting.
According to the report presented to the Financial Market Commission (CMF), the casino operator reported total revenues of CLP54.647m (USD56m), representing a decrease of 8.7 percent compared to the previous year.
As communicated by the company, this decline is due to the fact that “the revenues from Antofagasta casino operation are not considered. From this period, the results of the Punta del Este, Uruguay unit are also not consolidated, being reclassified as assets and liabilities available for disposal or sale.” If these revenues were considered, a growth of 20.5 percent would be achieved.
Furthermore, Enjoy's ordinary activity revenues as of September 30, 2024, reached CLP166.715m (USD170.8m), which is 6.5 percent lower than the same period in 2023.
Regarding the Ebitda for the first nine months, it was negative at CLP12.683m (USD12.9m), worse than the negative CLP382m as of September 30, 2023, which according to the company's reasoned analysis is mainly due to not achieving the required revenues to finance the costs and expenses incurred. The Ebitda margin for 2024 was -7.6 percent compared to -0.2 percent for the same period in 2023.
Enjoy reported a loss attributable to the owners of the parent company of CLP104.543m (USD107.1m) so far this year, compared to losses of CLP69.218m (USD70.9m) recorded as of September 30, 2023.
See also: Casinos accused of collusion in Chile: Enjoy and Dreams defend themselves
In August, Enjoy approved a judicial reorganization plan to continue its operations, and later reached an agreement with contingent creditors that sets the terms for the company's working capital financing.
Along with this, it was recalled that the implementation of the agreement considers its structuring into three new companies: NewCo 1, where the Punta del Este, Uruguay facilities and two real estate assets in Chile will be located; NewCo2, which will manage the assets corresponding to casinos and hotels in Rinconada, Antofagasta, Chiloé, Viña del Mar, Coquimbo, Pucón, and Puerto Varas hotel; Enjoy S.A., mainly composed of the operations in San Antonio and Los Ángeles, with the remaining assets.
